The following paragraphs explain the changes to the credit for 2007.

Amount of credit increased.  The maximum amount of the credit has increased. The most you can get is:

• $2,853 if you have one qualifying child,
• $4,716 if you have more than one qualifying child, or
• $428 if you do not have a qualifying child.

Earned income amount increased.  The maximum amount of income you can earn and still get the credit has increased for 2007. You may be able to take the credit if:

• You have more than one qualifying child and you earn less than $37,783 ($39,783 if married filing jointly),
• You have one qualifying child and you earn less than $33,241 ($35,241 if married filing jointly), or
• You do not have a qualifying child and you earn less than $12,590 ($14,590 if married filing jointly).

The maximum amount of adjusted gross income (AGI) you can have and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you.

Investment income amount increased.  The maximum amount of investment income you can have and still get the credit has increased to $2,900 for 2007.

Advance payment of the credit. If you get advance payments of the credit from your employer with your pay, the total advance payments you get during 2007 can be as much as $1,712.

For any inquiry or quotation click below:

Filing Information

Filing Status

Personal Exemption & Dependent

Withhholding

Income

Standard & Itemized Deductions

Deduct your Contribution

Education Credit

Earned Income Credit